Key Trends in Social Media in 2023

Maximising success for Small to Medium Enterprises

Understanding the latest trends in social media is vital for small to medium enterprises (SMEs) to effectively engage their audience and generate leads. This article explores key trends in social media in 2023, providing valuable insights from Rival IQ’s 2023 Social Media Benchmark Report which helps SME business owners discover the latest trends and see how they can leverage social media to improve lead generation and client engagement for their businesses.

Declining Organic Engagement and the Importance for SMEs:

Facebook and Twitter post frequency is on the decline however posting frequency has stayed steady for Instagram. Organic engagement on Instagram continues to decline for the third consecutive year, while Facebook and Twitter maintain relatively stable. Instagram engagement has dropped from 0.67% to 0.46%. Therefore SMEs need to navigate this shift and where required adapt their strategies and explore alternative avenues to reach their target audiences.

The Power of Holiday Hashtags for SMEs:

The report highlights the significance of holiday hashtags in driving engagement across various industries. SMEs can leverage seasonal trends by incorporating relevant holiday hashtags into their content. This approach increases visibility and fosters meaningful interactions with potential customers. Popular Instagram hashtags for SMEs included: #financialliteracy, #giveaway, and #mothersday, while Twitter saw higher engagement with hashtags like #fintech, #fathersday, #finance, and #banking.

The Rise of Instagram Reels and its Potential for SMEs:

Instagram Reels have become the most engaging post type, surpassing carousels in popularity. This presents an excellent opportunity for SMEs to create captivating short-form video content that captures the attention of their audience. Additionally, repurposing content created for TikTok onto Instagram Reels enables SMEs to maximise reach and streamline content creation efforts.

Optimal Posting Times on Instagram for SMEs:

According to Meltwater’s research, the time frame with the highest follower volume of active users on Instagram in Australia is Monday to Wednesday at 9 p.m. Posting during these peak times can maximise SMEs’ visibility and engagement on Instagram.

TikTok: A Valuable Ally for SMEs:

With a median engagement rate of 5.69%, TikTok has become a game-changer for businesses across industries. Its exponential growth and high engagement rates make it an attractive channel for SMEs targeting a younger demographic. By leveraging TikTok’s creative features and trends, SMEs can showcase their brand personality, increase awareness, and drive lead generation.

Tailoring Strategies to Different Platforms:

While Instagram, Facebook, and Twitter remain important social media platforms, it’s crucial to recognise that each platform has its unique characteristics and audience preferences. Posting frequency has remained steady on Instagram but decreased by approximately 20% on Facebook and Twitter. SMEs must tailor their content and posting strategies accordingly to maximise effectiveness on each platform.

Maximising Success for Small to Medium Enterprises through Social Media:

By adapting strategies to current trends, SMEs can thrive in the rapidly changing social media landscape. Leveraging holiday hashtags, embracing Instagram Reels, and tapping into the power of TikTok can help improve lead generation, client engagement, and brand visibility. It’s essential for SMEs to stay informed about the latest trends and benchmark their performance against industry standards to optimise their social media efforts.

Social media is not a one-size-fits-all solution for businesses. Experimentation, adaptation, and monitoring results are key to achieving success. By understanding the trends shaping social media in 2023, SMEs can drive business growth and remain competitive in the digital realm. Stay nimble, evolve social media strategies, and maximise the potential of social media platforms to thrive in 2023 and beyond.

If you have any questions or need any support for your business feel free to reach out to us.